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What to Do with Your Tax Refund: 5 Smart Moves for Canadians

  Tax Season · Personal Finance By MoneySavings.ca Editorial Team • May 7, 2026 • 7 min read Tax season is wrapping up across Canada, and for millions of Canadians, that means a refund cheque — or a direct deposit — is on its way. The average Canadian tax refund hovers around $1,800. That's real money. The question is: what's the smartest thing you can do with it? It's tempting to treat a tax refund like "found money" and splurge. But here's the truth — that refund was your money all along. The government was just holding it for you, interest-free. So before it quietly disappears into day-to-day spending, let's look at five moves that will make it work harder for you. $1,800 The average Canadian tax refund — enough to make a meaningful dent in debt, pad an emergency fund, or kick-start your TFSA for the year. 1 Pay Down High-Interest Debt First If you're carrying a balance on a credit card, this should be your very first call. Most Canadian credit car...
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Gaza Reels Under Fire as Ceasefire Hopes Flicker in Washington

As diplomatic efforts to end the prolonged conflict in Gaza resumed in Washington, residents of northern Gaza endured one of the most intense nights of bombardment in recent weeks. Israeli airstrikes and tank shelling targeted multiple areas, including the Zeitoun suburb of Gaza City, where at least 10 people were killed. In total, Monday’s strikes claimed the lives of at least 25 Palestinians, according to local health authorities.

The Israeli military issued mass evacuation orders ahead of the strikes, prompting hundreds of families to flee shelters, including several UNRWA schools that were later hit by airstrikes. Residents described the night as relentless, with explosions shaking buildings and leaving widespread destruction.

Meanwhile, Israeli officials arrived in Washington for renewed ceasefire talks, with Strategic Affairs Minister Ron Dermer expected to meet with U.S. officials. President Trump has publicly urged both sides to reach a deal and secure the release of hostages still held in Gaza.

Despite the diplomatic push, there was little sign of de-escalation on the ground. Mediators from Qatar and Egypt have reportedly intensified efforts behind the scenes, though no new round of formal talks has been scheduled.

The contrast between the violence in Gaza and the negotiations in Washington underscores the fragile and complex path toward peace.

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